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Priciest apartment in Asia sold

A luxury flat in Hong Kong has sold for $28.8 million, the most expensive apartment per square foot ever sold in Asia, a report has revealed.

The 80th floor penthouse sold for $41,000 per square foot, according to an unnamed real estate source. The flat is located in a new complex called The Arch, in Hong Kong's Kowloon area. A total of 5, 497 square feet, the apartment has views of Victoria Harbour, private swimming pool and a rooftop terrace.

Before that sale, the record for the most ever paid per square-foot was $39,800.It was set last November for a smaller apartment on Hong Kong Island. Hong Kong's property market has boomed in recent years, following a major crash during the Asian financial crisis in the later 1990s.